Brace for small corporation audits — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
  • LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Brace for small corporation audits

Get PDF file

by on
in Small Business Tax

The IRS plans to turn up the heat on smaller corporations, based on a new report from the Treasury Inspector General (TIG).

Beginning in 2011, the IRS intends to conduct 22,000 line-by-line exams of 2009 returns of random corporations with $50 million or less in assets.

The IRS says it will use the data to update its formulas for selecting returns for audits. Reason: According to the TIG report, 32% of  small-to-midsize company audits have resulted in no change. (TIG, Filing Characteristics and Examination Results for Small Business Corporate Returns, 6/11/10)

Related Articles...

Leave a Comment

Previous post:

Next post: